Another day, another US$100 million credit hedge fund launch in London.

A former JPMorgan Chase executive and former risk specialist at hedge fund administrator GlobeOp Financial Services launched Sothic Capital in the British capital last month. The approximately US$100 million distressed debt fund focuses on British and European companies, the Financial Times reports.

Sothic is the brainchild of Gertkan Koomen, until last year the head of JPMorgan’s proprietary credit trading desk, and Didier Matineau, formerly a senior executive at GlobeOp. Koomen serves as chief investment officer and Matineau, a former strategist at famed hedge fund failure Long-Term Capital Management, as CEO.

News of Sothic’s launch comes just days after news of another new London credit fund, a joint-venture between the Matrix Group and Gennaro Pucci, the former top trader at credit fund shop Credaris. The Matrix-PVE Global Credit Fund also boasts US$100 million in initial assets, and has been part of a wave of new credit and distressed-debt funds to pop up since the worst of the economic crisis subsided.

But Sothic aims to appeal to investors with more than mere platitudes about big opportunities in the distressed debt space: The new firm is putting its money where its mouth is with a clawback provision, allowing investors to reclaim some fees if the fund does badly.

Half of the performance fees Sothic collects—it charges 2% for management and 20% for performance—will be pocketed by the firm. The other half will be put in escrow and returned to investors “in case of negative performance.”